Insurance against loss of savings due to bank crisis!

[JimJackers]

I understand that in the unlikely event of a bank collapse, a saver with an Irish bank will only be covered to a max of about €20k.

Is there any insurance product out there that will cover a saver for the recovery of all of his/her balance at the time of a bank crisis, should one occur?

I imagine it should be cheap enough given that banks will suggest that the chances of this happening are so remote.

 

[RS2K]

I understand that in the unlikely event of a bank collapse, a saver with an Irish bank will only be covered to a max of about €20k.

Is there any insurance product out there that will cover a saver for the recovery of all of his/her balance at the time of a bank crisis, should one occur?

I imagine it should be cheap enough given that banks will suggest that the chances of this happening are so remote.

Deposit protection is limited to 90% of the amount invested, subject to a max. €20k payout.

I'm not aware of an insurance product to cover you for any excess.

 

[LDFerguson]

I suspect that no insurance company would be prepared to look at covering such an eventuality as they would need to be able to accurately assess what each bank's potential risk is. That would be almost impossible in the current climate.

 

[coolhandluke]

I understand that in the unlikely event of a bank collapse, a saver with an Irish bank will only be covered to a max of about €20k.

Is there any insurance product out there that will cover a saver for the recovery of all of his/her balance at the time of a bank crisis, should one occur?

I imagine it should be cheap enough given that banks will suggest that the chances of this happening are so remote.

If your that worried about it, stick it in An Post Deposit a/c plus ,you can then consider the lower interest rate the cost of the "insurance" you seek.

 

[Complainer]

Given that the insurance cover would probably be provided to a financial institution which is exposed to many of the same risks as the banks, I'm not sure if it makes sense to insure.

 

[Homer]

I doubt that any insurer would take this on, because the catastrophe risk is too high.

Regards
Homer